Type Sociedad Anónima Industry Financial services Founded 14 September 2011 Assets under management 56 billion EUR (2014) | Traded as Grey Market: NCGOF Area served Nationwide Headquarters Betanzos Predecessor Novacaixagalicia | |
Number of locations NGB: 680 branches
Abroad: 10 offices Key people Javier Etcheverría de la Muela, Chairman
Juan Carlos Escotet, Vice-chairman
Francisco Botas, CEO CEO Francisco Botas (Jun 2014–) Profiles | ||
ABANCA Corporación Bancaria, S.A. is a Spanish bank based in Galicia. It was created in 2011 following the "bankisation" of Novacaixagalicia savings bank. It operates in the autonomous communities of Galicia, Asturias and the province of León, and in other parts of Spain.
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Novagalicia Banco
NCG Banco, S.A., which traded as Novagalicia Banco, was created on September 2011 following the bankisation process of Novacaixagalicia.
As Novagalicia Banco's predecessor, the savings bank Novacaixagalicia, was subsequently bailed out by the Government of Spain the majority of the shares in the company were held by the bailout program Fund for Orderly Bank Restructuring (90.57%). The Novacaixagalicia Foundation helds 6.84% with the remaining 2.59% being held by private investors.
Evo Banco
On March 12, 2012, NCG Banco began operating its assets outside of Galicia under the brand name EVO Banco and launched its main financial product the Cuenta Inteligente. In its first four weeks EVO Banco had attracted 8,290 clients and 70 million euros.
On September 9, 2013, NCG Banco announced that it would sell the EVO Banco division to the American private equity firm Apollo Global Management for 60 million euros.
Sale
Subsequently, NCG began opening branches in other cities in Spain under its own brand.
On 11 November 2013 the Spanish government bailout program Fund for Orderly Bank Restructuring (FROB) began the privatization process of NCG Banco. After analyzing six bids presented by various Spanish banks, investments funds and international banks on December 18 the FROB opted to sell its shareholding to Banco Etcheverría, S.A, a Venezuelan-owned Spanish bank, for €1.03 billion
The sale was finalised on June 25, 2014 when Banesco, Banco Etcheverría's parent company, made an initial payment of €403 million. Banesco will pay a further €200 million on June 30, 2017 and the final payment of €300 million a year later.
Rebranding
The following day, at an event held in the Galician capital, Santiago de Compostela, NCG Banco revealed the new brand name for their banks: Abanca (from a banca; Galician for "the bank"), a change which went into effect the very same day in all branches.
Merger
In December 2014 the company announced the merger of NCG Banco, S.A. with Banco Echeverria, S.A. The company changed its legal name to ABANCA Corporación Banacaria, S.A. and its headquarters would be in the town of Betanzos, in the former headquarters of Banco Echeverria.
Headquarters
Abanca has two operating headquarters; the institutional and business address in Vigo, and the social and tax address in A Coruña.